Calculate Profit and Selling Price

We will learn how to calculate profit and selling price of
an article. We know, selling price is the price at which an article is sold and
the seller makes a profit when the selling price is more than the cost price.

Solved
examples:

1. A vendor sold
600 quintals of wheat at a gain of 7%. If one quintal of wheat cost him $ 250
and his total overhead charges for transportation, etc., were $ 1,000, find his
total profit and the selling price of 600 quintals of wheat.

Solution:

Cost of one quintal of wheat = $250

Therefore, cost of 600 quintals of wheat = $250 × $600 = $150,000.

Overhead charges = $ 1,000.

Hence, cost price (C.P.) = $150,000 + $1,000 = $151,000.

gain = 7%

Net profit = 7% of $151000

= $7/100 × 151,000

= $1057000/100

= $10,570

Selling price (S.P.) = cost price (C.P.) + gain

= $(151,000 +
10,570)

= $161,570.

Therefore, total gain is $10,570 and the selling price is $
161,570.

2. Mike bought a
laptop for $5000 and sold it at a profit of 105. Find the profit and the
selling price of the laptop.